Let's get one thing straight: this is not a port of Apple iMovie from the Mac OS to the iPhone OS. Rather, think of the iMovie iPhone app is a massively cut-down version with a handful of editing functions and even fewer options.
Apple iMovie for iPhone 4
Getting started in Apple's iMovie for iPhone 4: Pick a theme from a …

why are you so mean?

I suspect that El Reg and the rest of us will give it a rest when......

........Apple cut out the "born again" "happy clappy" marketing that most of the rest of us find crucifyingly embarassing and in fact gave rise to the appellation "jesusphone" and when they admit that they did not get it quiiiiiiiiiiiiite right with Judasphone 4. In other words when Apple stop bloody well begging for it we might consider stopping it .

where did you get that coffee from?

Judas? Jesus?

Back on topic ...

Here's a wee example I cooked up - http://www.youtube.com/watch?v=GTXBe7SfJSw&hd=1

Completely agree with the review - it's a good app, but not great. However if 5 years ago someone told me I could edit High Definition video on the go, using the device I shot it on, I'd have called them a liar.

It might not be perfect, but hopefully apple can make some good improvements, or inspire someone else to come up with a better implementation, because it's damn good fun to faff about with this stuff.

I lolled

"Yes, boo-hoo for those 3GS owners out there: your phone is not powerful enough. Annoyed? After the piss-taking I have had to endure from all and sundry over my signal-fade, I really couldn't give a monkey's."

For 3GS owners....

There is the marvellous 1st Video from VeriCorder. No idea if it's any better than iMovie, I don't have an iPhone 4 to test it on (feel free to send me one if you're interested in the review) but it's also got a multitrack audio editor in the mix, and it's a bit more 'professional' (read: fewer fun effects!)